Jack Dorsey Unveils Web 5.0 to Replace Web 3.0

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The Growth of the Web So Far

TBD believes that the gradual evolution of the internet is working to put “individuals at the center”. In the very first version of the web, most of the content available was static HTML aside from forums and chat protocols. The social media revolution then brought about the web 2.0, which allows users to connect among themselves with centralized platforms like Facebook, Twitter, and Instagram.

The Problem With Web 3.0, According to Dorsey

Dorsey has always questioned the decentralized nature of web 3.0, his view being that web 3.0 is actually owned by venture capitalist firms. While announcing web 5.0, Dorsey took another dig at web 3.0 by saying“this will likely be our most important contribution to the internet. proud of the team. #web5 (RIP web3 VCs 🤫)”.

How is the Web 5.0 Supposed to Work?

Web 5.0 will be built on top of the Bitcoin blockchain, where data is stored with the user and not the platform itself. While many have made fun of Dorsey’s web 5.0 by asking where exactly web 4.0 went, web 5.0 is actually being described as something that combines web 2.0 and web 3.0, hence the title.

  • Decentralized identifiers,
  • Self-sovereign identity service,
  • Decentralized Web Nodes,
  • and Self-sovereign identity SDK.
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